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- You can earn up to 4.70% APY with today’s top quality CDs.
- APYs have been trending lower for months, and are set to drop further after the Fed’s latest rate cuts.
- Locking in APY can now protect your earnings from further declines.
A certificate of deposit can be a great place to store money that you don’t need to touch for a while. If you’re in the market for a CD, there’s no time like the present to open one.
You can still earn up to 4.70% annual yield, or APY, with these days high quality CDs. That’s twice as much almost all over the world for other words. APYs have been falling for months, and The most recent Federal Reserve rate it means they can still fall. So, the sooner you open a CD, the better you can close it — and the higher your chances of making money.
Here are the top CDs right now and how much you can get for investing $5,000.
The best CDs today
| Time | Highest APY* | Bank | Estimated costs |
|---|---|---|---|
| 6 months | 4.70% | Bank Rising | $117.50 |
| 1 year | 4.47% | NexBank | $223.50 |
| 3 years | 4.15% | America First Credit Union | $648.69 |
| 5 years | 4.25% | America First Credit Union | $1,156.73 |
Experts recommend comparing rates before opening a CD account to get the best APY. Enter your information below to find CNET friends the best rate in your area.
Why now is the time to open the CD
The days of high CDs may be over, but it’s still smart to lock in a high APY with one of today’s top savings accounts.
The Fed’s actions play an important role in where banks place their CDs and savings account APYs. When the Fed raises the federal funds rate, banks tend to raise the APYs on these accounts. When the federal funds rate cuts, banks cut their APYs.
The rate increased 11 times from March 2022 to July 2023 to keep pace with inflation, and CD rates rose, reaching 5.65% APY at the banks we tracked at CNET. Since then, rates have fallen sharply, especially after the Fed cut rates at its last three meetings. Today’s high APY of 4.70% is still more than double that almost all over the world for other words. With the Fed expected to lower rates further in 2025, locking in a higher APY now can protect your income from further declines.
How CD prices have changed in the last week
| Time | Last week CNET averaged APY | CNET average this week’s APY** | Weekly update*** |
|---|---|---|---|
| 6 months | 4.14% | 4.15% | 0.0024 |
| 1 year | 4.07% | 4.08% | 0.24 |
| 3 years | 3.52% | 3.52% | There is no change |
| 5 years | 3.46% | 3.46% | There is no change |
How to choose the right CD for you
A competitive APY is important when comparing CD accounts, but it’s not the only factor you should look for. To find the right account, consider the following factors:
- When you need your money: Early withdrawal penalties can eat into your interest rate. So make sure you choose the words that match the time you have saved. Alternatively, you can choose a penalty-free CDalthough the APY may not be as high as with a traditional CD.
- Minimum deposit requirements: Some CDs require a minimum deposit to open an account — typically, $500 to $1,000. Some don’t. The money you need to set aside can help you narrow down your options.
- Fees: Maintenance and other fees may depend on your income. Most of them online banking no fees because they have cheaper fees than banks with physical branches. However, read the fine print for each account you are reviewing.
- Federal deposit insurance: Check any bank or credit union Consider being a member of the FDIC or NCUA so that your money is protected if the bank fails.
- Customer reviews and ratings: Visit sites like Trustpilot to see what customers are saying about the bank. You want a bank that is responsive, professional and easy to work with.
The way
CNET also checks CD rates based on the most recent APY information from the issuer’s website. We reviewed CD rates from more than 50 banks, credit unions and financial institutions. We evaluate CDs based on APYs, sales, availability and customer service.
Current banks included in CNET’s weekly CDs include Alliant Credit Union, Ally Bank, American Express National Bank, Barclays, Bask Bank, Bread Savings, Capital One, CFG Bank, CIT, Fulbright, Marcus by Goldman Sachs, MYSB Direct, Quontic, Rising Bank, Synchrony, EverBank, Popular Bank, First Internet Bank of Indiana, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America and Connexus Credit Union.
*APYs as of December 20, 2024, based on the banks we track at CNET. Earnings are based on APYs and we assume interest is compounded annually.
**Weekly increase/decrease from Dec. 9, 2024, to Dec. 16, 2024.
